Construction firm - partnership to private limited - issues for buyer
Rupesh
(Querist) 13 January 2014
This query is : Resolved
Hi,
I was looking for a flat to buy. During that time my friend suggested a construction firm, which moved further and applied for loan and got approved also.
In the mean time i heard from someone that the Construction firm has been a 'Partner firm' of 3, when they purchased the land and now one of the partner moved by settling other two partner and registering the flats as Private limited.
As the document still has all 3 of there names as partner. I think the settlement is still not registered.
Will there be any issue in the near future for me, when i want to sell it.
Need an expert advice immediately as its the last moment to decide, because the registration is going to happen next week.
ajay sethi
(Expert) 13 January 2014
ask for inspection of documents . get title vetted by a local lawyer
Rupesh
(Querist) 13 January 2014
yes we did the same with two different lawyers.
One lawyer is saying don't buy, if you want to take risk can go for it likewise.
Another lawyer is saying, by the time you complete your loan it will become minor problem and the issue will be the least to bother.
So, i am very much confused with it. Thats why i posted in this forum.
Now i would like to know is it common now a days or will there be any problem after 10-12 years when i am trying to sell it.
ajay sethi
(Expert) 13 January 2014
dont purchase the flat . no shortage of flats these days .
Rajendra K Goyal
(Expert) 13 January 2014
If the lawyers are not giving clear approval without if and but, avoid purchase, why to risk hard earned money.
Rajendra K Goyal
(Expert) 13 January 2014
Also Query repeated:
http://www.lawyersclubindia.com/experts/Construction-firm-transformed-from-partnership-to-private-limited-447101.asp#.UtO-nbSLq_I
Simi Salooja
(Expert) 13 January 2014
Buy it in case you getting the property for dirt cheap rate..
otherwise no point of taking up something, which you already assume will give you trouble in future...
all the best
Adv Simi
Mumbai
9967642220
Rupesh
(Querist) 13 January 2014
I am really thankful to everyone for giving good piece of advice.
Now i am clear about what to do.
Thanks again.
Devajyoti Barman
(Expert) 13 January 2014
yes when there is dispute of title it is never wise to buy the same unless the price is throw away.
Devajyoti Barman
(Expert) 13 January 2014
However I did not file repetition and hence replied.
